Hero Electric, India’s largest electric two-wheeler manufacturer, has signed a partnership with AU Small Finance Bank, which has 953 points of engagement across India, to provide easy financial solutions to customers.
Hero Electric, which has its manufacturing plant in Ludhiana, currently has a range of 14 electric scooters.
Demand for electric two-wheelers is on the rise and financial solutions are acting as a driving factor for faster adoption. Cumulative retail sales for the four months from April to July 2022 surpassed the 175,000 mark at 175,391 units. As of July 2022, Hero Electric was the #1 electric vehicle equipment manufacturer with 8,953 units.
Hero Electric aims to improve the financing process for its customers by providing hassle-free and easy loan solutions along with online assistance. Customers can avail its unique financing option with customized EMIs.
Speaking about the partnership, Sohinder Gill, CEO, Hero Electric said, “The electric two-wheeler segment is estimated to reach 100% penetration in the Indian market by 2027, making financial solutions a necessity. Our partnership with AU Small Finance Bank is a step towards simplifying the financing process for our customers and improving their shopping experience. With easy installments and tailor-made offers, customers will be able to make the switch to EVs hassle-free. We are committed to the mission of ‘Zero Emissions’ and working to achieve carbon-free mobility through partnership/collaboration.”
Bhaskar Karkera, Head of Wheels, AU Small Finance Bank said, “Car loan has been one of our flagship products and we offer one of the widest product ranges in the industry, providing loans for two-wheelers and 22-wheelers. In the last few years, as the focus on the adoption of electric vehicles has increased, we have made a conscious decision to focus on this segment. Also, as a sustainable growth oriented organization, it will help us to contribute towards the achievement of NDC (Nationally Determined Contribution). This association with the renowned Hero Electric is a significant step towards this goal.”
Hero Electric has partnered with AU Small Finance Bank to finance electric vehicles for customers
EV major aims to provide individual financial solutions; AU Small Finance Bank has 953 contact points across India.